getting FHA rate if I have 721 fico and 5% down?

Putting the extra cash down does not affect your rate. I suggest just doing the minimum. I would think 4-4.25% would be a fair rate in this market depending on the loan size. Had you considered the Rural development loan? Zero down payment. Also the guaranteed monthly fee is 70% cheaper than the FHA PMI. Also if you are putting 5% down, you may be able to go conventional and have the monthly PMI 1/2 of that of FHA and you do not pay the FHA Funding fee. Any questions call 734-417-2115. Victor Bals Huron Valley Financial - Brighton MI

If you have the ability to put down 5%, with that FICO you should go conventional all day. In this market, rates are VERY comparable, but the FHA mortgage insurance would be at least twice as much and never expires (unless you refi to a conventional down the road). If your household income is at or below the average for your county, you may be eligible for a USDA loan (0% down), otherwise, we have several options to save you money on your conventional mortgage insurance including single-premium and lender-paid mortgage insurance.Give me a call to discuss in more detail. (616) 259-5497Tom WorsfoldGuaranteed RateGrand Rapids, MI

Call me for a free pre-approval and rate quote. 734-395-9027

With that credit score and 5% down conventional loan is a much better option

Although FHA rates are lower, all FHA loans require mortgage insurance, and with 5% down, your factor will be 1.3% annually and the MI will be there for the life of the loan.. with conventional, even though the interest rate will be slightly higher, the MI is much less.. 0.62% annually. But with Conventional financing, once you have paid MI for 2 years and once you obtain 20% equity, you can request to have the MI removed.. you will have to pay for an appraisal, but so long as the value is there, you can drop the MI without having to refinance. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

If the property is located in a qualifying area for Rural Development, I would suggest that to achieve the lowest rate and the least amount out of pocket. You can put 5% down if you wish or you can use those funds to pay for closing costs. I would be happy to provide you with a comparison for conventional, FHA and Rural Development that would display costs and interest rates. If you are interested, please email me at Jim@LoanJim.com.